#Bitcoin Analysis
We are continuing to test the region between $38,000 and $39,000 and the buyer volume has been increasing in recent days. It's a region to keep an eye on over the next few days as we can test the $40,000 USD.
On the 4-hour chart, the 100-period EMA (purple line) has been testing for a few days now, it looks like we are in a sort of accumulation near it for greater buying force to appear. On the daily chart, another EMA is also being tested, it is the 20-period EMA (red line).
Interestingly, if buyers are able to drive the price higher, we could see a small boom, which could lead to the price testing our red rectangle region and perhaps reversing the downtrend in the short term. Time to keep an eye out.
Always manage your risk properly, never put all your capital in a single trade or in a single cryptocurrency.
Our most important support is in the $35,000 to $30,000 region. Our resistance now stands at $39,800 USD.
Always manage your risk properly.
